Bank of America has announced it will donate up to 1,000 foreclosed homes over three years to programs that provide housing to injured veterans and first responders.
The bank has donated about two dozen already, and gave two homes to men injured in the war in Afghanistan last week.
Eric Griego of Tucson, Ariz., his wife and 5-year-old daughter were given the keys to a three-bedroom, two-bath home. The Arizona Star reported that he has wounded in the neck during a firefight in 2010, and still bears wounds.
Matthew Sheffel of San Antonio, Texas received the other. He is a single father of a 10-year-old daughter and 6-year-old quadruplets. NPR reported that he served 12 years in the military and was wounded in the arm.
“This is an important expansion of our property donation and community revitalization initiatives and improves the inventory of homes these organizations focused on assisting our veterans and first responders need,” said D. Steve Boland, the bank's national mortgage outreach executive, in a statement. “We understand our responsibility to help neighborhoods impacted by foreclosure and property abandonment to recover.”
“This is an important expansion of our property donation and community revitalization initiatives and improves the inventory of homes these organizations focused on assisting our veterans and first responders need,” said D. Steve Boland, the bank's national mortgage outreach executive, in a statement. “We understand our responsibility to help neighborhoods impacted by foreclosure and property abandonment to recover.”
Bank of America was one of several banks that allegedly foreclosed on service members' homes illegally, and new protections for military members were a large component of new servicing standards in the $25 billion mortgage settlement announced earlier this year.
Banks that are a part of the settlement also receive credit toward their penalties by providing relief to service members. Bank of America's total share of the settlement is $11.8 billion. When the settlement was announced, the Charlotte bank said it would enhance programs for military members to help meet the requirements.
Banks that are a part of the settlement also receive credit toward their penalties by providing relief to service members. Bank of America's total share of the settlement is $11.8 billion. When the settlement was announced, the Charlotte bank said it would enhance programs for military members to help meet the requirements.
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8 comments:
It's very easy to appear charitable when you're giving away others' property.
If people paid for their property it would still be theirs...
Way to go finding, or making up, negativity on everything.
Very cool of Bank of America.
Could not imagine a more deserving group for this type of charity.
Well said. Another business write off or loophole. Bet BOA ends up falling into Romney like brackets with this self interested move.
Just another way that middle america gets squeezed out of their homes and earnings. What a joke. Maybe next they wrap some nice mortgage backed securities into a giant quilt to provide warmth for the homeless. The only sad part is that some of the new members of the homeless were just booted out of their home by these same perpetrators.
Nice move BOA but still does not improve your image as a snake in the grass- like a big fat BOA....
WOW, you people are hard to please. Not a big fan of BOA but as much as they get slammed for everything they do wrong, give them a little credit when it is deserved. Anyways What have you done for the Vets? I think they deserve it and I wish others would step up do the same... Well done BOA..
Down with BofA. What is BofA going to do for the people of the 1000 properties she forclosured on?Thanks for helping the vets but now help the average "joe" who is having a difficult financial time. BofA sure found a quick way to have a HUGE tax deduction. Frankly, I wish BofA would move her headquarters to New York and quit disgracing Charlotte, North Carolina. BofA is forever being sued by the USA for her disregard for the laws and rules of banking in the US. Out with BANK OF AMERICA!! As far as many, many, many, many people she can go straight to HADES which is exactly where most of the "top cats" will end up. I guess they won't need all of the "ripped off" money down there! Go to Hades BofA and get the _ _ _ _ out of Charlotte. You won't be missed, period.
3:13,
So you don't think BAC bears any responsibility for the financial and economic meltdown that led to millions losing their jobs, thus rendering them unable to pay their mortgages? Even when it becomes clearer every day (hello, LIBOR) that banks and government conspired to engineer the crash?
Great move by Bank of America. Will really help Veterans. But for business like Bank of America it probably has benefit for them too.
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